The EU is to impose $28B counter-tariffs on U.S. goods starting April 1st. But what does it actually mean? CGTN Europe’s William Denselow reports.
#TradeWar #EU #us #GlobalEconomy #tariffs #donaldtrump #trump
#TradeWar #EU #us #GlobalEconomy #tariffs #donaldtrump #trump
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00:00The EU and the US have the largest bilateral trade relationship in the world. It accounts
00:05for roughly 30% of global trade. But the European Commission warns that tariffs are taxes that are
00:14bad for business and even worse for consumers. The European Union says that the Trump administration's
00:21actions are totally unjustified, these 25% tariffs on steel and aluminium. The EU says it is prepared
00:29to respond in kind and will introduce countermeasures to the tune of $28 billion. These
00:37will be imposed in two parts that are set to come into effect on April 1st and April 13th. But
00:44Commission President Ursula von der Leyen hopes there is wiggle room for a solution to be found.
00:50In the meantime, we will always remain open to negotiations. We firmly believe that in a world
00:58fraught with geoeconomic and political uncertainties, it is not in our common interest
01:06to burden our economies with such tariffs. On April 1st, we'll see a slapback of countermeasures
01:13that were first put in place during Donald Trump's first term in office. This will include things
01:18like Harley Davidson motorcycles and bourbon. In the middle of April, there'll be a wider
01:24tranche of duties, including things like industrial goods and US agricultural products,
01:29things like pork and soybeans that EU officials say that the EU can easily pivot away from the
01:35US and go towards other markets like Brazil, for example. Officials also say that it's an effort to
01:41target particularly red states, states that historically vote for Donald Trump's Republican
01:48Party. Now, there is a few weeks before these duties come into effect. EU officials say it's
01:54a period for the US to either choose to negotiate or the EU will retaliate. It's also an opportunity
02:00for the EU's member states to have a say on what exactly they want these countermeasures to look
02:05like.